Then, read the IRS Publication 523 on Sale of a Residence.

Plus, at that amount, its going to be tough to find a lender (assuming the 'as is' isn't too much more). 

It was a REO foreclosure sale, with a tenant, and needed some work.

My goal would be to cosmetically renovate the property, professional photos, interior design, social media presence, etc.

GA is a landlord friendly state, however, there are some counties / municipalities where it's tough to get someone who shouldn't be there out (Dekalb county in particular).

Dang that is tough - what are you doing these days to mitigate risk?

A 50k miss on the higher end property is only a 17% reduction on return.And lastly, if you are a designer and get personal fulfillment in executing unique ideas (like my wife) then more budget = more personal fulfillment in the project.  

$2000 rents at that sale price is not real. 

10) volume and type of transactions (acquisitions / sales / 1031 / drop and swap / contributed/distributed property in a partnership)

You are building a business and you can bring in some SERIOUS revenue but in the eyes of your conventional lender and banker, you will still have a tough time purchasing assets based on income based on leases and contracts.